Sainsbury’s Bank is offering the following mortgage deal:
Two-year fix at 1.43%
Maximum 75% loan-to-value (LTV) – so you’re eligible if you have 25% deposit or equity.
No arrangement fee
Free valuation for all borrowers and free legals if you’re remortgaging
Overpayments of up to 10% of the outstanding balance allowed.
Moneyfacts has compared this mortgage to other deals and says: “The 1.43% two-year fixed rate from Sainsbury’s Bank enters the market as the lowest deal with no fee in its sector. With borrowers also able to enjoy a decent incentive package, this is likely to be a cost-effective choice for those borrowers looking to minimise upfront costs.”
To see the deal on the Sainsbury’s Bank website, click the link above then open the mortgage rates PDF.
Shopping reward Taking out a mortgage with Sainsbury’s Bank also means you could earn a “shopping reward” of 5% of your grocery bill over two years.
To get this you need to:
Apply for a mortgage by 26 February 2018.
Use your Nectar card when you shop at Sainsbury's.
Earn up to £50 in vouchers every three months. This equates to a maximum reward of £400 over two years assuming you spend at least £1,000 every three months.
Excludes anything you spend in a Sainsbury's petrol station.
Excludes anything you don't earn Nectar points on.
Vouchers can only be spent in store, not online.
In my opinion this shopping reward is a nice little earner if the following apply:
The Sainsbury’s mortgage is the best one for your circumstances.
You shop at Sainsbury’s anyway - it’s not worth switching supermarkets for.
21 comments
husain_kola
6 Oct 17#19
Does anyone know if they will help with doing the legal work for moving from YBS?
Jonnyblock
6 Oct 17#17
What is the lowest fee-free tracker out there at the moment?
Not for me, after the two year fix to goes to 3.99% SVR, in two years time IMHO it's not going to be an ideal time to remortgage. Full details here sainsburysbank.co.uk/~/m…=en
1.78% on a 5 year fix fee freeis a better deal for me 1.93% for 75% LTV
rated hot op, for find
kooks65
6 Oct 17#3
Do Sainsburys run this bank or is it under another of the bigger banks?
DCFC79 to kooks65
6 Oct 17#5
I believe it's run by another bank.
whatyadoinsucka to kooks65
6 Oct 17#6
Sainsbury's Bank plc is a British bank wholly owned by Sainsbury's, a national supermarket chain in the United Kingdom. The bank began trading on 19 February 1997 as a joint venture between J Sainsbury plc and Bank of Scotland.
flipper118
6 Oct 17#2
If I’m just over halfway through a 2 year fixed deal with Santander, am I allowed to switch and pay a fee? :thinking:
mocmocamoc to flipper118
6 Oct 17#10
You are but check your terms, I can't believe you can leave with no penalty, I'm on a five year fix and I'd need to pay 3% which would pretty much negate any savings
davewave to mocmocamoc
6 Oct 17#13
tbh some mortgages have early leave penalties and a few don't, give your bank a call
flipper118 to davewave
6 Oct 17#14
Yes, now I know it can go either way I’ll contact them. Thanks :raised_hand:
Gordinho to flipper118
6 Oct 17#11
Hmmmm, if only there was a way of finding out such as reading your paperwork or contacting your lender. Nope, far better to ask total strangers on the internet. :thumbsup:
flipper118 to Gordinho
6 Oct 17#12
GTF
writergirl74 to flipper118
10 Oct 17#21
You need to check the terms of your Santander mortgage for "early repayment (or redemption) charges", see if you have to pay a fee, how much, then calculate whether the switch is still worthwhile.
Opening post
Moneyfacts has compared this mortgage to other deals and says: “The 1.43% two-year fixed rate from Sainsbury’s Bank enters the market as the lowest deal with no fee in its sector. With borrowers also able to enjoy a decent incentive package, this is likely to be a cost-effective choice for those borrowers looking to minimise upfront costs.”
To see the deal on the Sainsbury’s Bank website, click the link above then open the mortgage rates PDF.
Shopping reward
Taking out a mortgage with Sainsbury’s Bank also means you could earn a “shopping reward” of 5% of your grocery bill over two years.
To get this you need to:
In my opinion this shopping reward is a nice little earner if the following apply:
21 comments
Product Fee:£99
Valuation fee:£0
Other Fees:£30
Cashback:£0
Early repayment charge: 5% until 31-12-18, 4% until 31-12-19, 3% until 31-12-20, 2% until 31-12-21, 1% until 31-12-22
Maximum LTV 80%
1.78% on a 5 year fix fee freeis a better deal for me 1.93% for 75% LTV
rated hot op, for find